The recent market-wide rally has made the search for viable positions a bit more difficult this week, however we did come across a few technology issues with reasonable upside potential and (relatively) robust option premiums. BCSI was one of the more speculative candidates in this group, but the near-term technical support above the sold (put) strike should limit the downside potential and provide additional time for any exit or adjustment trades. Also, the issue was recently upgraded by Wedbush Morgan and company officials will be promoting BCSI's products at a number of high-profile conferences in the coming months.

Traders should target a higher credit for the option initially, to take advantage of any near-term volatility in the issue. After the position is established, investors who do not want to own BCSI should consider a "sell to cover" order (near $17.50) on the stock as the option prices will rise exponentially if the share value declines sharply prior to the option expiration date.